Merchant Services Terms - F

Factoring (Laundering)

Processing Transactions for another person or business through a Merchant's account.

Floor Limit

An amount that VisaŽ and MasterCardŽ have established for single transactions for specific types of Merchants, above which Authoriztion Code is required.

Fraudulent Transaction

A Transaction unauthorized by the Cardholder of a Bankcard. Such Transactions are categorized as lost, stolen, not received, issued on a fraudulent application, counterfeit, fraudulent processing of transactions, account takeover, or other fraudulent conditions as defined by the Issuer or the Member Company.

Fraudulent User

An individual who is not the Cardholder who uses a Card (or, in a Mail/Telephone Order or Recurring Transaction, an Account Number) to obtain goods or services without the Cardholder's consent.